Sec. 6. Unless otherwise provided in the articles of incorporation, the power to make, alter, amend or repeal the bylaws of a company is hereby vested in the board of directors. The bylaws so adopted may contain any provision for the regulations and management of the affairs of the corporation which is not inconsistent with this article or of any law of this state or with the articles of incorporation and may include provisions concerning:
(a) the time and place of holding, and the manner of conducting meetings of the shareholders, members, or policyholders, and of directors;
(b) the manner of calling special meetings of shareholders, members, or policyholders and directors;
(c) the powers, duties, tenure, and qualifications of the officers of the corporation and the time, place, and manner of electing them;
(d) the creation and appointment of executive or other committees and the number of members thereof and prescribing their powers;
(e) the classification of its risks and of its members, the payment of dividends and the creation of a surplus fund or funds, if other than a stock company; and
(f) the form of stock certificates or other evidences of stock ownership and the manner of transferring shares of capital stock if a stock company, and the manner of creating and exercising proxies.
Formerly: Acts 1935, c.162, s.84. As amended by P.L.252-1985, SEC.27.